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Noninterest Revenue and Noninterest Expense
 6 Months Ended
Jun. 30, 2019
Noninterest Income (Expense) [Abstract]  
Noninterest Revenue and Noninterest Expense Noninterest revenue and noninterest expense
Noninterest revenue
For a discussion of the components of and accounting policies for the Firm’s noninterest revenue, refer to Note 6 of JPMorgan Chase’s 2018 Form 10-K.
Investment banking fees
The following table presents the components of investment banking fees.

Three months ended June 30,

Six months ended June 30,
(in millions)
2019

 
2018


2019

2018
Underwriting







Equity
$
515


$
573


$
776


$
925

Debt
820


964


1,765


1,760

Total underwriting
1,335


1,537


2,541


2,685

Advisory
516


631


1,150


1,219

Total investment banking fees
$
1,851


$
2,168


$
3,691


$
3,904


Principal transactions
The following table presents all realized and unrealized gains and losses recorded in principal transactions revenue. This table excludes interest income and interest expense on trading assets and liabilities, which are an integral part of the overall performance of the Firm’s client-driven market-making activities in CIB and cash deployment activities in Treasury and CIO. Refer to Note 6 for further information on interest income and interest expense. Trading revenue is presented primarily by instrument type. The Firm’s client-driven market-making businesses generally utilize a variety of instrument types in connection with their market-making and related risk-management activities; accordingly, the trading revenue presented in the table below is not representative of the total revenue of any individual line of business.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019
 
2018
Trading revenue by instrument type
 
 
 
 
 
 
 
Interest rate
$
461

 
$
672

 
$
1,066

 
$
1,446

Credit
488

 
648

 
1,047

 
1,028

Foreign exchange
729

 
745

 
1,617

 
1,769

Equity
1,912

 
1,386

 
3,527

 
3,013

Commodity
227

 
246

 
610

 
523

Total trading revenue
3,817

 
3,697

 
7,867

 
7,779

Private equity gains/(losses)
(103
)
 
85

 
(77
)
 
(45
)
Principal transactions
$
3,714

 
$
3,782

 
$
7,790

 
$
7,734


Lending- and deposit-related fees
The following table presents the components of lending- and deposit-related fees.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018
Lending-related fees
$
285

 
$
280

 
$
575

 
$
554

Deposit-related fees
1,250

 
1,215

 
2,442

 
2,418

Total lending- and deposit-related fees
$
1,535

 
$
1,495

 
$
3,017

 
$
2,972


Asset management, administration and commissions
The following table presents the components of Firmwide asset management, administration and commissions.
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019
 
2018
Asset management fees
 
 
 
 
 
 
 
Investment management fees(a)
$
2,698

 
$
2,671

 
$
5,275

 
$
5,365

All other asset management fees(b)
78

 
66

 
147

 
132

Total asset management fees
2,776

 
2,737

 
5,422

 
5,497

 
 
 
 
 
 
 
 
Total administration fees(c)
544

 
557

 
1,079

 
1,118

 
 
 
 
 
 
 
 
Commissions and other fees
 
 
 
 
 
 
 
Brokerage commissions
641

 
631

 
1,227

 
1,283

All other commissions and fees
392

 
379

 
739

 
715

Total commissions and fees
1,033

 
1,010

 
1,966

 
1,998

Total asset management, administration and commissions
$
4,353

 
$
4,304

 
$
8,467

 
$
8,613

(a)
Represents fees earned from managing assets on behalf of the Firm’s clients, including investors in Firm-sponsored funds and owners of separately managed investment accounts.
(b)
Represents fees for services that are ancillary to investment management services, such as commissions earned on the sales or distribution of mutual funds to clients.
(c)
Predominantly includes fees for custody, securities lending, funds services and securities clearance.
Card income
The following table presents the components of card income:
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Interchange and merchant processing income
$
5,184

 
$
4,723

 
$
9,905

 
$
9,082

Rewards costs and partner payments(a)
(3,610
)
 
(3,527
)
 
(6,846
)
 
(6,411
)
Other card income(b)
(208
)
 
(176
)
 
(419
)
 
(376
)
Total card income
$
1,366

 
$
1,020

 
$
2,640

 
$
2,295

(a)
The three and six months ended June 30, 2018, included an adjustment to the credit card rewards liability of approximately $330 million.
(b)
Predominantly represents annual fees and new account origination costs, which are deferred and recognized on a straight-line basis over a 12-month period.
For information on operating lease income included within other income, refer to Note 16.
Noninterest expense
Other expense
Other expense on the Firm’s Consolidated statements of income included the following:
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
2019

 
2018

 
2019

 
2018

Legal expense/(benefit)
$
69

 
$
—

 
$
(12
)
 
$
70

FDIC-related expense
121

 
368

 
264

 
751